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Consolidated Financial Results for the Fiscal Year Ended March 31, 2015 & Business Overview

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Consolidated Financial Results for the Fiscal Year Ended March 31, 2015 & Business Overview (First section of TSE: 3231) Consolidated Financial Results for the Fiscal Year Ended March 31, 2015 & Business Overview Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. Index 02 Highlights of FY15/3 Financial Results 09 Progress of Mid- to Long-term Business Plan 15 Operating Results by Segment 32 Other Topics Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 1 Highlights of FY15/3 Financial Results Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 2 Summary of Financial Results ＜Summary＞ Although operating income in FY15/3 decreased due to a partial moving-out of TOSHIBA Corporation from the Hamamatsucho Building, the residential development business marked the record-high unit sales of 7,021 units. Operating revenue and net income achieved the highest level. Shareholders’ equity ratio improved to 28.8%. ROA slightly declined to 5.4%, while ROE substantially rose to 10.3%. Both are top levels in major industry peers. FY16/3, the final year of Phase I, is expected to grow in operating revenue and operating income due to leasing up of the Hamamatsucho Building and increased property sales to the Group’s REITs, etc. Operating revenue is expected to renew the record high. FY16/3 is a shifting period to a growth stage. We are to accelerate redevelopment and complex development as well as property development, while maintaining financial strength. In addition, we will start full-fledged new businesses including senior and overseas. Annual dividend of FY16/3 is planned to be 50 yen, which would be a dividend increase for four fiscal years in a row. Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 3 Outline of Consolidated Financial Results for FY ended March 31, 2015 FY14/3 FY15/3 (Billions of yen) Actual Actual Changes Key Factors *Figures rounded down to the nearest 100 million yen ① ② ②－① Operating revenue 532.0 567.1 ＋35.1 <Operating revenue & Operating income> Operating gross profit 159.3 162.0 ＋2.7 ・Increase in housing unit sales Selling, general and administrative expenses 85.0 90.1 ＋5.1 ・Partial moving-out of Toshiba Corporation from Hamamatsucho Building Operating income 74.3 71.8 −2.4 ・Rebound from the recording of asset acquisition fee related to IPO of Non-operating income 1.4 1.6 ＋0.2 Nomura Real Estate Master Fund in FY14/3 Non-operating expenses 11.6 9.9 −1.7 Ordinary income 64.0 63.6 −0.3 Extraordinary income 0.9 2.5 ＋1.5 <Extraordinary income & losses> Extraordinary losses 16.5 8.1 −8.4 ・Decrease in impairment loss Income taxes 20.1 15.4 −4.7 Minority interests in income 1.4 4.2 ＋2.7 Net income 26.8 38.4 ＋11.5 Net income per share (yen) 140.70 201.28 ＋60.58 Cash dividends per share (yen) 35.00 45.00 ＋10.00 Net cash provided by (used in) operating activities ＋83.5 ＋23.8 −59.6 Net cash provided by (used in) investment activities −20.1 −32.4 −12.2 Net cash provided by (used in) financing activities −57.8 −8.9 ＋48.8 Cash and cash equivalents at end of period 67.9 50.4 −17.5 Mar 31, 2014 Mar 31, 2015 Changes (Billions of yen) Key Factors ① ② ②－① Total assets 1,313.8 1,369.2 ＋55.3 ・Increase in inventories including housing land and property development Total interest-bearing debt 617.5 616.7 −0.8 Shareholders' equity 355.6 394.0 ＋38.3 Shareholders' equity ratio 27.1% 28.8% ＋1.7P Debt/equity ratio 1.7 1.6 －0.1 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 4 Segment Outline of Financial Results for FY ended March 31, 2015 Operating revenue marked the highest record due to a record-high housing unit sales. Operating income slightly decreased due to a partial moving-out of TOSHIBA Corporation from Hamamatsucho Building and a rebound from acquisition fee related to IPO of Nomura Real Estate Master Fund (NMF). FY14/3 FY15/3 Key Factors of Changes by Segment (Billions of yen) Actual Actual Changes Residential ① ② ②－① Development Leasing Operating revenue ･Rebound from acquisition 532.0 567.1 ＋35.1 fee related to IPO of NMF +2.6 －2.3 in FY14/3 Residential Development 307.6 359.3 ＋51.7 Leasing 99.8 92.8 −6.9 Property & Property －3.0 Facility Investment Management 18.3 9.1 −9.1 Brokerage Management Other Adjustments Property Brokerage & CRE 29.1 30.2 ＋1.0 & CRE ＋0.3 －0.3 Investment ＋0.0 Property & Facility Management 72.1 71.6 −0.5 +0.3 Management Other 18.6 17.7 −0.8 ･Partial moving-out of a tenant from Adjustments −13.7 −13.9 −0.1 Hamamatsucho Building Operating income 74.3 71.8 −2.4 ・Record-high housing unit sales Residential Development 31.1 33.8 ＋2.6 74.3 71.8 Leasing 26.8 24.4 −2.3 Investment Management 7.9 4.8 −3.0 Property Brokerage & CRE 8.1 8.4 ＋0.3 Property & Facility Management 5.1 5.4 ＋0.3 Other 0.5 0.1 −0.3 Adjustments −5.3 −5.3 ＋0.0 FY14/3 FY15/3 Actual Actual Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 5 Outline of Consolidated Balance Sheets as of March 31, 2015 As of As of Changes (Billions of yen) Mar 31, 2014 Mar 31, 2015 Key Factors ① ② ②－① Assets 1,313.8 1,369.2 ＋55.3 Current assets 496.9 549.3 ＋52.3 <Inventories> （Breakdown） Mar 31, 2014 Mar 31, 2015 Changes Cash and deposits / Short-term investment securities 67.9 50.4 −17.5 Residential 281.6 338.5 ＋56.8 Notes and accounts receivable-trade 14.7 15.0 ＋0.2 Property development 64.0 89.6 ＋25.5 Inventories 349.1 429.7 ＋80.5 Other business 3.4 1.6 −1.7 Equity investments 7.1 6.3 −0.8 Adjustments －0.0 －0.0 ±0 Total 349.1 429.7 ＋80.5 Other current assets 57.9 47.7 −10.1 * Residential…Residential Development Business Noncurrent assets 816.9 819.9 ＋3.0 * Property development…Leasing, Investment Management, and Property Brokerage & CRE Businesses Property, plant and equipment 716.0 730.0 ＋13.9 * Other…Property & Facility Management, Other Businesses Intangible assets 9.3 10.2 ＋0.8 <Property, plant and equipment > Investments and other assets 91.4 79.5 −11.8 ・Increase associated with the starts of Nomura Fudosan Ginza （Breakdown） Building and Yokohama Nomura Building Investment securities 47.6 40.8 −6.7 Lease and guarantee deposits 19.2 20.4 ＋1.2 Other noncurrent assets 24.5 18.2 −6.3 Liabilities 895.1 908.1 ＋13.0 Current liabilities 288.0 305.1 ＋17.0 （Breakdown） <Notes and accounts payable-trade> Notes and accounts payable-trade 37.6 48.6 ＋11.0 ・Increase in other accounts payable of construction cost in residential Short-term loans payable, etc. 162.6 154.8 −7.8 development business Deposits received 9.1 25.0 ＋15.9 <Deposits received> Other current liabilities 78.6 76.6 −1.9 ・Increase in deposites received due to consignment sales of housing Noncurrent liabilities 607.0 603.0 −4.0 （Breakdown） Bonds payable 23.0 30.0 ＋7.0 Long-term loans payable 431.9 431.9 ±0 Lease and guarantee deposits received 57.1 60.7 ＋3.6 Other noncurrent liabilities 95.0 80.3 −14.7 ＜Total interest-bearing debt＞ 617.5 616.7 −0.8 Net assets 418.6 461.0 ＋42.3 Total liabilities and net assets 1,313.8 1,369.2 ＋55.3 Shareholders' equity ratio 27.1% 28.8% ＋1.7P <Shareholders' equity> Debt/equity ratio 1.7 1.6 −0.1 ・Mar 31, 2014: \355.6 billion → Mar 31, 2015: \394.0 billion Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 6 Outline of Consolidated Balance Sheets as of March 31, 2015 Total Assets ： 1,369.2 billion yen Current assets 549.3 Liabilities 908.1 Cash and deposits / Short-term investment securities 50.4 Interest-bearing debt 616.7 Notes and accounts receivable-trade 15.0 Short-term loans payable, etc. 154.8 Inventories 429.7 Bonds payable 30.0 Residential 338.5 Long-term loans payable 431.9 Property development 89.6 Notes and accounts payable-trade 48.6 Other 1.6 Deposits received 25.0 Adjustments －0.0 Other current liabilities 76.6 Equity investments 6.3 Other current assets 47.7 Lease and guarantee deposits received 60.7 Noncurrent assets 819.9 Other noncurrent liabilities 80.3 Property, plant and equipment 730.0 Offices 580.4 Commercial facilities 74.9 Other 74.7 Net assets 461.0 Intangible assets 10.2 Equity 394.0 Investments and other assets 79.5 Subscription rights to shares 1.5 Minority interests 65.4 Inventories Property, plant and equipment Interest-bearing debt Other Other Short-term Property Bonds payable loans payable 1.6 74.7 Current portion 30.0 development 0.4% Retail facilities 49.3 of long-term 10.2% 4.9% 8.0% 89.6 74.9 loans payable 102.5 20.9% 10.3% 16.6% ¥429.7 billion ¥730.0 billion ¥616.7 billion Current portion of bonds Residential 3.0 Offices Long-term loans 338.5 0.5% payable 78.8% 580.4 431.9 79.5% 70.0% Residential…Residential Development Business Property development…Leasing, Investment Management, and Copyright (c) 2015 Nomura Real Estate Holdings, Inc.
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